X Protocol vs Tether

X Protocol (X) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 35.3 percentage points (X -35.4% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.12 across 22 shared trading days). X has been the more volatile of the two, at 261% annualised against USDT's 1%.

Correlation: -0.12
Ahead over 30 days: USDT

X ProtocolX

$0.005852

24h: +2.92%
Market cap: —
Volume 24h: $6
Volatility (ann.): 261%

TetherUSDT

$0.999031

24h: +0.04%
Market cap: $178.20B
Volume 24h: $49.20B
Volatility (ann.): 1%

X 0.0%Share of the two combined market caps100.0% USDT

Performance

XUSDT

7 days+22.11%+0.03%X
30 days-35.38%-0.08%USDT

Correlation

-0.12over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	X	USDT
Max drawdown (400d)	-72.6%	-0.2%
Risk-adjusted return (90d)	-0.16	-0.03

Relative strength over 90 days: USDT outperformed X by 48.2% — measured on the X/USDT ratio, so it holds regardless of market direction.

X Protocol →Tether →